Bitcoin (BTC) climbed to new multi-month highs later on Aug. 20 as a prolonged rebound hit the crypto markets.
End of the day “most important” for Bitcoin
Data from Cointelegraph Markets Pro and TradingView confirmed that BTC / USD hit its highest level since mid-May on Friday
After gaining nearly 7% daily, Bitcoin saw a sudden surge to $ 48,630 on Bitstamp at the time of writing, with the upward momentum still in effect.
The move meant that the largest cryptocurrency made its best strike yet against a large selling wall that lasted much of August. In addition, little stands in the way of an uptrend above $ 50,000, reported Cointelegraph.
“The end of the day is now the most important,” tweeted the trader and analyst Rekt Capital as part of the comments on the latest price action.
He added that the day’s close would also determine a breakout from a rising wedge construction that has characterized Bitcoin for the past two weeks.
A look at the buy and sell levels on the major Binance exchange highlighted the declining power of the selling wall, which was previously much thicker and provided a solid barrier between the spot price and $ 50,000.
Ethereum sees “phenomenal” buy-side activity
Meanwhile, it was difficult to find a single bear in the house on Friday as the mood firmly favored a break-back of the $ 50,000 mark.
Something similar: interest rates below zero? GBTC gets the biggest discount since the Bitcoin price crash in May
As Cointelegraph reported, fundamentals and on-chain metrics are fueling a sustained uptrend for Bitcoin, with many repeating the scenario in late 2020, just before the main phase of the current bull run kicked in.
Bitcoin feels like it could skyrocket $ 50,000.
– Dan Held (@danheld) August 20, 2021
Altcoins also benefited from the positive development, with Cardano (ADA) still outperforming the top ten with 20% daily gains.
Ether (ETH), which traded below $ 3,000 earlier this week, more than made up for lost ground, targeting $ 3,300 at the time of writing.
“Phenomenal buy-side pressure on $ ETH from the Weekly Higher Low,” stated Rekt Capital.
“ETH has returned to the same resistance that rejected it earlier this week.”